Ally Bank is King for Now

Recently a number of personal finance blogs have opened new accounts at Ally bank and reviewed their experiences with the online bank. This is obviously due to the high interest rate that the bank offers, which currently sits at 2.00% APY.

The rub with offer is Ally’s association with the now bankrupt General Motors. In fact, this negative perspective is probably why Ally needs to offer such a high rate to attract customers.

The reviews all pretty much say the same thing. They all completed a background check to make sure Ally was an actual company and FDIC insured. The process was similar to signing up with any online bank, including the delays associated with money transfers. And the customer service is often regarded very highly.

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I’m currently banking with ING, but I’m finding it more and more difficult to withhold from Ally. The thought of having more money in my pockets during unemployment, for essentially just clicking a mouse a few times and entering information, is hard to resist. Now, I’ve had nothing but good experiences with ING for the past 5 years, but the only detractor to the bank is that their rates have begun to lag the rest of the market. I’m starting to think that Ally might be the tipping point that switches me over.

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